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Sep 30
Waste Connections Q3 2025 Earnings Report
Waste Connections reported strong financial results for Q3 2025, surpassing expectations on revenue, adjusted EPS, and EBITDA margin.
Key Takeaways
Waste Connections exceeded expectations in Q3 2025, with solid revenue growth and effective cost management. Operational improvements included reduced employee turnover and record safety performance, supporting strong margins and cash generation.
Revenue reached $2.458 billion, exceeding analyst expectations.
Adjusted EPS was $1.44, higher than the reported $1.11 EPS.
Net income came in at $286.3 million, with adjusted net income at $372 million.
The company completed $300 million in acquisitions YTD and repurchased 1% of its shares.
Waste Connections
Waste Connections
Waste Connections Revenue by Segment
Waste Connections Revenue by Geographic Location
Revenue by Segment
Solid Waste Collection Revenue
CapyFin.comSolid Waste Disposal Revenue
CapyFin.comRecycling Revenue
CapyFin.comE&P Waste Revenue
CapyFin.comIntermodal & Other Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Waste Connections reaffirmed its full-year 2025 outlook, citing strong operational execution and margin performance.
Positive Outlook
- Strong pricing retention continues to support margin expansion.
- Employee turnover declined again in Q3.
- Record-low safety incident rate achieved.
- Free cash flow supports capital returns and acquisitions.
- Balance sheet remains strong to fund strategic growth.
Challenges Ahead
- Commodity headwinds persist in the recycling business.
- Impairments and environmental liabilities impacted operating income.
- Volume-related pressures continue to drag internal growth.
- Year-over-year net income declined compared to Q3 2024.
- No update provided to full-year 2025 guidance, which may indicate uncertainty in H2.